Scheat is a deep yellow star on the leg of the Winged Horse, constellation Pegasus.
29° ♓ 22′
23h 03m 46.33s
+28° 04′ 56.8″
Fixed Star Scheat Astrology
“According to Ptolemy it is of the nature of Mars and Mercury; to Simmonite, of Saturn; to other authors, of Saturn and Mercury; and, to Alvidas, of Neptune in square to Saturn or Mars. It causes extreme misfortune, murder, suicide, and drowning.” 
“Tied up with ‘malefics’, this could lead the native to lose his life in catastrophes, such as floods, shipwreck, mining accidents, airplane accidents, or maybe suicide. On the other hand, it is possible for a positive influence to emanate from Scheat, but only for some people, it can have a positive effect on their mental creativity, if these people are ready to receive such inflow.”  There are plenty of examples of people with this star prominent expressing the positive manifestations of Scheat. So much depends on the whole chart, the aspects from Scheat and the other stars in the chart.
Scheat rules the center of the ball of the left foot. 
With Sun: “Danger through water and engines, liable to accidents or drowning.”  As an example of the importance of taking the whole chart into consideration, I want to look at just two charts, both with Sun on Scheat.
This first is James McGonagle (Sun conjunct Scheat by 25′), a goalie in Canada’s Junior A Hockey League. He tragically died in 2002 aged just 19. He crashed his car “danger through engines” and went through the windshield into water “danger through water….liable to accidents and drowning“. What made this tough for James was the very tight square from watery Neptune (21′) and the Lunar Nodes (06′). The North Node was conjunct Menkalinan (14′) “frequently, violent death” . The Sun was also quincunx Pluto (38′). Interestingly, when he died, transiting Pluto was conjunct his Vertex.
Brian Mulroney, the Prime Minister of Canada from 1984 to 1993, has Sun conjunct Scheat (30′). Here the tight aspects are a square to Mars (33′) and a trine to Pluto (19′). Neither Mars nor Pluto is on any major star, certainly not the nasty star that James’ North Node was on. The trine to Pluto was helpful in taking him to the top of politics. His Sun is also sextile his Midheaven (career) by just 24′. He gained his real power in 1982 when transiting Pluto was on his Vertex, on the most fortunate fixed star Arcturus.
With Moon: “Worry, loss and gain of friends through criticism, danger of accidents and by water.” 
With Mercury: “Many accidents and narrow escapes especially by water, many enemies, trouble through writings, bad for health and domestic affairs.” 
With Venus: “Evil environment, suffering through own acts, danger of imprisonment or restraint.” 
With Mars: “Many accidents, sickness to native and relatives.” 
With Jupiter: “Many voyages, losses through law, friends and relatives, danger of imprisonment.” 
With Saturn: “Danger of death in infancy, domestic trouble, colds and consumption, death by drowning or accident.” 
With Uranus: “Deceitful, vacillating, little concentration, psychic, unreliable, involved in difficulties due to own acts, many accidents, death through drowning or by water especially if in 1st, 6th, 8th or 10th houses.” 
With Neptune: “Prominent in inventive, occult or psychic matters, persecuted, peculiar domestic conditions, many accidents, danger of drowning.” 
Scheat in Mundane Astrology
The mythology says Scheat is connected to misfortune and water and the air. I will just focus on events related to storms and water, and the air (specifically planes, not spaceships). One more link I found was with industrial disputes. Only looking at Uranus and Saturn conjunct Scheat with orbs under 50′.
Water and Storms – The last time Uranus was on Scheat, the costliest hurricane in history hit America. On September 18 1926, the Great Miami Hurricane killed over 370 people and left 50,000 homeless. In today’s terms, it cost $157 billion, compared to $99 billion for hurricane Katrina back in 2005. Uranus was conjunct Scheat by 45′. There were no aspects to Uranus as there will be this year. The last time Saturn was on Scheat, a ferry sank of Haiti on 01 April 1996 killing over 200 people. On 08 June 1996, an F5 tornado killed 16 people and caused $100 million in damages in Topeka, Kansas.
Air Accidents – The last time Uranus was on Scheat: The first African American to hold a pilots licence, Bessie Coleman died after falling 2,000 feet from her aeroplane on 30 April 1926. On 10 May 1926, two pilots parachuted to safety after their planes collided mid-air at Langley Field, Virginia. The last time Saturn was on Scheat: 03 April 1996, USAF CT-43 crashed in Croatia killing all 35 on board including US Secretary of Commerce Ron Brown. 08 June 1996, an XB-70 Valkyrie and an F-104 Starfighter collided mid-air killing both pilots in Barstow California. 28 July 1996, the US announced that a Lockheed U-2 spy plane had disappeared over Cuba. 06 August 1996, Braniff Airlines Flight 250 crashed in Fall City, Nebraska killing all 42 on board.
Strikes – The last time Uranus was on Scheat: 03 May 1926, the British general strike in support of coal miners started. Over 1.5 million workers walked out which lead to the government declaring martial law. 19 February 1927, another general strike, this time in Shanghai protesting the presence of British troops. The last time Saturn was on Scheat: 17 June 1996, Air France workers walked out on strike. 29 June 1996, a sailor’s strike ended in the UK. These last two tie in the “air” and “water” themes of Scheat so well.
Fixed stars evolve through time. Like us and our planet, their basic nature stays the same but they are constantly changing. As we evolve, the energy of the fixed stars, and even the planets finds new ways of expression. Scheat wasn’t involved in bringing down aeroplanes two centuries ago, nor spaceships last century ago. Just as technology is effected, so is our consciousness. We will find newer, higher manifestations of even the most dreaded of fixed stars, including nasties like Scheat and Algol.
1. Fixed Stars and Constellations in Astrology, Vivian E. Robson, 1923, p.206, 207.
2. Fixed Stars and Their Interpretation, Elsbeth Ebertin, 1928, p.82.
3. The Fixed Star Health and Behavior Imbalance, Ted George and Barbara Parker, 1985, p.168.